Following the proposal from Gabriel Zucman, this bill establishes a minimum tax rate of 2% of net wealth for anyone with a net worth over $1 billion and 1% of net worth for net worths over $100 million.
Note: This only establishes a minimum tax rate and does not require an increase in effective taxes unless that person is paying less than the established minimum.
This bill sets a maximum compensation for any employee in a non-profit to $3 million per year. If any employee is found to have a total compensation above that limit, the organization will immediately lose its non-profit status.
This law has two related parts:
First it creates a new type of visa for immigrants without legal documentation who have been in the country for over 5 years with no criminal activity. These visas do NOT provide a path to citizenship, but they do guarantee that the individual can remain in the country to work, live, and study without fear of deportation. The only condition is that the visa is revoked upon a violent felony conviction.
Second, this law requires that employers validate that all workers, including contractors, are legally in the country and allowed to work via the existing e-verify system (e-verify.gov). Violations carry a fine.